ORP, OR LLC
WIN OF THE MONTH
GIVING NATIONS STRATEGY
ESCAPING A MASSIVE IRS LIABILITY
You can then decide how and when to distribute funds to different charities
over time, giving you more control over your philanthropic goals while receiving an upfront tax deduction. This “bundling” approach can be particularly useful if you want to maximize tax benefits in a year when you’re close to a higher tax bracket.
Required Minimum Distributions and Qualified Charitable Distributions
If you’re over age 70 1/2 and need to meet your required minimum distributions (RMDs), consider a qualified charitable distribution (QCD) from your IRA. With a QCD, you can donate up to $105,000 directly to a charity, which satisfies your RMD but doesn’t add to your taxable income. This can be particularly useful if your itemized deductions don’t exceed the standard deduction.
Giving Back Strategically Integrating charitable donations into your tax strategy isn’t just about reducing taxes — it’s also a meaningful way to support causes that matter
We’re thrilled to share a remarkable success story where we saved a family from a staggering IRS liability of $379,346! Our clients, ages 51 and 49, received an IRS Notice CP2000 proposing penalties for unreported income. After a deep dive into their tax return and IRS transcripts, we uncovered that they had failed to report the sale of their primary residence and some smaller 1099 income. By leveraging IRC Section 121, we proved they met the ownership and use tests for the sale of their home, successfully excluding the gain. The IRS agreed, reducing their liability to a mere $1,332. The relief was immense, and our clients are now stress-free after paying the small remaining balance. CASE SNAPSHOT Client: Married Couple Type of IRS Issue: Personal Income Tax Tax Years in Question: 2021 IRS Claimed Liability: $379,346.00 Savings: $378,014.00 (99.6%)
to you. By combining thoughtful financial planning with the joy of giving, you can maximize your impact and enjoy both immediate and long- term benefits.
No need to make rolls from scratch this holiday season. Instead, dress up store-bought rolls with delicious everything bagel seasoning!
INGREDIENTS
• • •
Cooking spray
• •
1 tbsp honey
20 frozen dinner rolls 2 tbsp unsalted butter
2 tbsp everything bagel seasoning
DIRECTIONS
1. Coat a 13x9-inch baking pan with cooking spray and arrange frozen rolls in the pan to thaw according to package instructions. 2. Preheat oven to 350 F. Then, melt butter and honey together in the microwave or on the stove. Once the rolls thaw, brush butter mixture over the rolls and sprinkle seasoning on top. Bake for 15–20 minutes, or until golden, and serve these tasty rolls straight out of the oven!
Do you have a tax issue of your own? Reach out and see how we can help you achieve similar results!
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